Common P2P Scams and How to Protect Yourself

Why do P2P scams happen?

On P2P, the money moves outside the exchange, from one bank account or wallet to another. The exchange can't see the bank transfer, so it relies on both sides to confirm. A scammer's goal is to get you to confirm something that never happened: either releasing crypto that was never paid for, or confirming a payment you never made.

7 common scams

1. The fake payment receipt

The scammer sends you an edited screenshot of a bank transfer, claims they've paid, and pressures you to release the crypto quickly.

Protect yourself: Binance's advice: always check your bank account or e-wallet yourself before completing the trade. If you can't log in to your account to check, don't release the crypto, no matter how hard the other side pushes. Signs of a doctored image: spelling mistakes, misaligned text, mismatched fonts.

2. Fake SMS messages

A text message that looks like a notification from your bank or wallet: "An amount has been deposited...".

Protect yourself: Don't trust text messages. Open your bank or wallet app yourself and check the balance.

3. Paying from someone else's account, then reversing it

The scammer pays you from a third person's account (sometimes a stolen one). After you release the crypto, the real account owner asks their bank to reverse the payment. You lose both the crypto and the money.

Protect yourself: make sure the payer's name matches the verified buyer's name on the order. Don't accept payments from other accounts. If it happens, open an appeal and send the money back to the account it came from.

4. The middleman scam (taking you off the exchange)

A fake buyer moves the conversation to Telegram or WhatsApp and uses your bank details with another victim. You end up receiving money from a stranger and become part of a scam.

Protect yourself: don't respond to any P2P offer outside the exchange, and don't trust offers on outside channels. Keep all communication in the Chat button inside the order.

5. The triangle scam

Two scammers open two orders with the same seller. One pays part of the amount, and the proof of payment is reused to convince the seller to release more crypto.

Protect yourself: check each order separately, and confirm the amount that actually arrived in your account for each one. Don't rely on proof of payment sent by the other side, and don't share your proof of payment outside the exchange.

6. Fake exchange staff

Messages or emails that look like they're from Binance, saying your money is "held in an escrow account" and asking you to release the crypto first.

Protect yourself: Binance says it will never email you asking you to complete a P2P trade. Don't release anything until the payment has arrived, and check any message through the exchange's official verification page.

7. Buyer mistakes that scammers exploit

Scams don't only target sellers:

• Tapping [Transferred, notify seller] before paying: Binance explicitly says to tap it only after you've actually paid.
• Canceling the order after paying releases the seller's crypto back to them, and your money is now with them with no protection. Binance warns: don't cancel until the seller has returned the money to your account.
• Paying to an account other than the one shown in the order details.

Quick checklist before every trade

If you're the seller:

1. Did I open my bank or wallet app myself and see the full amount?
2. Does the payer's name match the buyer's name on the order?
3. Is all communication happening inside the order?
4. Is nobody rushing me or pressuring me?

If you're the buyer:

1. Am I paying from an account in my own name?
2. Am I paying to the account shown in the order details on the exchange?
3. Will I tap "Transferred" only after I've actually paid?
4. Will I avoid canceling the order after paying?

What to do if you've been scammed

1. Don't release the crypto, and don't cancel the order.
2. Use the Help button inside the order to contact the exchange's support, or open an appeal.
3. Keep every message in the order chat and the transfer details from your bank.
4. Report the account from inside the exchange.

More tips

• Start with small amounts with anyone new.
• Never rent out your account or verify your face for someone else's account in exchange for money. Everything that happens on that account becomes your responsibility.
• Turn on two-factor authentication and the withdrawal address whitelist.

Frequently asked questions

Is P2P safe? The exchange holds the seller's crypto in escrow for the whole trade. The risk comes from stepping outside the order flow, like paying outside the app or releasing the crypto before confirming the money has arrived.

The buyer sent me a receipt. Should I release the crypto? No. Open your bank account or wallet yourself and make sure the full amount has arrived. Receipts can be faked.

I received money from someone whose name doesn't match the buyer. What should I do? Don't release the crypto. Open an appeal and send the money back to the account it came from.

Someone says they work for Binance and asks me to release crypto. Should I believe them? No. Binance doesn't send emails asking you to complete a P2P trade.

I paid and the seller hasn't released the crypto. Should I cancel the order? No. Message them in the chat, then ask support for help. Canceling after paying releases the seller's crypto back to them.

The seller asked to talk on WhatsApp. Is that normal? No. Any offer or conversation outside the exchange is a red flag.

Read next

• How to buy USDT on Binance P2P, step by step
• How to withdraw from Binance and sell USDT safely

---

Last updated: 10 October 2026 · Sources: Binance's official help pages on common P2P scams, proof-of-payment scams, and the P2P buying and selling steps.